AICPA

AICPA Provides Comments on the Tax Classification of Purpose Trusts
May 02, 2024

AICPA Requests Clarification to Long-Term, Part-Time Employee Rules
Apr 30, 2024

CBO

Report
Answers to Questions for the Record Following a Hearing on the Congressional Budget Office’s Request for Appropriations for Fiscal Year 2025
May 3, 2024
The Subcommittee on the Legislative Branch of the House Committee on Appropriations convened a hearing at which Phillip L. Swagel, CBO's Director, testified. This document provides CBO’s answers to questions submitted for the record.

Working Paper
How CBO Uses the ReEDS Model to Analyze Policies in the Electric Power Sector: Working Paper 2024-02
May 2, 2024
This working paper provides an overview of CBO-ReEDS, an adapted version of the National Renewable Energy Laboratory’s Regional Energy Deployment System (NREL’s ReEDS) model for analyzing policies in the electric power sector.

Presentation
The U.S. Budget and Economic Outlook
May 2, 2024
Presentation by Phillip Swagel, CBO’s Director, at the 2024 Inforum Outlook Conference.

Cost Estimate
H.R. 7530, DC CRIMES Act of 2024
May 1, 2024
As reported by the House Committee on Oversight and Accountability on April 30, 2024

Report
Income of Black Working-Age Veterans
May 1, 2024
CBO describes economic outcomes of veterans who are Black, male, and working age and whose service began during or after 1990. CBO compares the outcomes of that group with outcomes of Black nonveterans and White veterans from 2017 to 2019.

Cost Estimate
Legislation considered under suspension of the Rules of the House of Representatives during the week of May 6, 2024
May 1, 2024
The Majority Leader of the House of Representatives announces bills that will be considered under suspension of the rules in that chamber. CBO estimates the effects of those bills on direct spending and revenues.

Cost Estimate
H.R. 6285, Alaska’s Right to Produce Act of 2023
April 30, 2024
As reported by the House Committee on Natural Resources on April 15, 2024

Cost Estimate
S. 2581, Secure Rural Schools Reauthorization Act of 2023
April 30, 2024
As reported by the Senate Committee on Energy and Natural Resources on April 8, 2024

Report
Testimony on the Cost of the Coast Guard’s Polar Security Cutter
April 30, 2024
Eric J. Labs, an analyst in CBO’s National Security Division, testifies before the House Homeland Security Committee's Subcommittee on Transportation and Maritime Security on May 7, 2024.

Presentation
CBO’s Recent Appeals for New Research on Health-Related Topics
April 29, 2024
Presentation by Tamara Hayford, CBO’s Deputy Director of Health Analysis, to the Members’ Roundtable of No Patient Left Behind.

Report
How Changes in Economic Conditions Might Affect the Federal Budget: 2024 to 2034
April 29, 2024
To show how variations in economic conditions might affect its budget projections, CBO analyzed how revenues, outlays, and deficits might change if the values of key economic variables differed from those in the agency’s forecast.

FASB

Financial Accounting Foundation Seeks Nominations for the Financial Accounting Standards Advisory Council
May 1, 2024

FASB Announces Winner of 2024 Emerging Scholar Award
April 30, 2024

GAO

Public Health Preparedness:
HHS Should Address Strategic National Stockpile Coordination Challenges
GAO-24-106260
Published: May 2, 2024
Publicly Released: May 2, 2024
The federal government coordinates with states, localities, territories, and Tribes to distribute life-saving medicines and supplies from the Strategic National Stockpile during public health emergencies. But during recent public health responses, such as COVID-19 and mpox, jurisdictions weren't clear on how and from whom to request supplies, causing confusion and delays. Additionally, some Tribal officials cited challenges with having the facilities needed to receive and...

Navy Shipbuilding:
Increased Use of Leading Design Practices Could Improve Timeliness of Deliveries
GAO-24-105503
Published: May 2, 2024
Publicly Released: May 2, 2024 
Rapidly changing maritime threats compel the Navy to deliver ships faster. But the Navy falls short on design practices that reduce leading companies' shipbuilding time. For example, companies: Use existing ship designs—limiting changes to a section of the ship—to create new designs, allowing companies to stabilize designs sooner and better estimate schedules Empower a small group of decision makers to use their expertise to get...

Military Justice:
Actions Needed to Help Ensure Success of Judge Advocate Career Reforms
GAO-24-106165
Published: May 2, 2024
Publicly Released: May 2, 2024 
The military justice system relies on experienced attorneys to try cases involving military personnel. But DOD and Congress have raised concerns about the litigators' experience and whether they have the needed skills to try complex cases, including sexual assault. DOD required the military services to create career paths for attorneys—known as judge advocates—to specialize as military justice litigators. But some issues may affect the success...

Public Health Preparedness:
HHS Should Address Strategic National Stockpile Coordination Challenges
GAO-24-106260
Published: May 2, 2024
Publicly Released: May 2, 2024 
The federal government coordinates with states, localities, territories, and Tribes to distribute life-saving medicines and supplies from the Strategic National Stockpile during public health emergencies. But during recent public health responses, such as COVID-19 and mpox, jurisdictions weren't clear on how and from whom to request supplies, causing confusion and delays. Additionally, some Tribal officials cited challenges with having the facilities needed to receive and...

Military Readiness:
Actions Needed for DOD to Address Challenges across the Air, Sea, Ground, and Space Domains
GAO-24-107463
Published: May 1, 2024
Publicly Released: May 1, 2024 
We testified that DOD faces many challenges restoring desired levels of readiness across the military while also modernizing its forces. For example, we previously reported: Service members' fatigue led to fatal accidents and hundreds of millions of dollars in damage to ships, vehicles, and aircraft Maintenance and supply issues limited availability of mission-ready aircraft Navy has made minimal progress modernizing its shipyards To meet the...

NASA Cybersecurity:
Plan Needed to Update Spacecraft Acquisition Policies and Standards
GAO-24-106624
Published: May 1, 2024
Publicly Released: May 1, 2024
As cyber threats become more prevalent, so do threats to NASA's spacecraft—like the Orion Multi-Purpose Crew Vehicle. A cyberattack could lead to losing critical data, or possibly losing control of the spacecraft. NASA issued a guide on space security in 2023 that includes principles and practices to help spacecraft development programs with cybersecurity. For example, one principle states a space system should protect against unauthorized...

U.S. Victims of State Sponsored Terrorism Fund:
Options for Increasing Deposits and Their Potential Impacts
GAO-24-106863
Published: May 1, 2024
Publicly Released: May 1, 2024
The U.S. Victims of State Sponsored Terrorism Fund compensates those injured in acts of state-sponsored terrorism. The fund collected over $2 billion from civil and criminal fines and penalties in FY 2016-2023, but balances have been declining. We explored 3 options for increasing fund deposits, but each had tradeoffs. For example, expanding the scope of criminal offenses could reduce deposits to other funds like Treasury's...

Foreign Assistance:
USAID Should Strengthen Risk Management in Conflict Zones
GAO-24-106192
Published: Apr 30, 2024
Publicly Released: Apr 30, 2024 
The U.S. Agency for International Development has standard processes to manage risks to its delivery of assistance in countries worldwide. But in countries affected by violent conflict, dangerous conditions can limit USAID's ability to directly oversee its assistance—increasing the risk of fraud or corruption. We reviewed how USAID manages risks, particularly in 3 countries currently experiencing violent conflict: Nigeria, Somalia, and Ukraine. We found that...

Ukraine:
Status and Challenges of DOD Weapon Replacement Efforts
GAO-24-106649
Published: Apr 30, 2024
Publicly Released: Apr 30, 2024 
The Department of Defense gave Ukraine billions of dollars' worth of weapons from its stockpiles to help respond to Russia's 2022 invasion. Our Q&A report looks at how DOD spent the $25.9 billion in supplemental funding that Congress provided to replenish the stockpiles. Ammunition, missiles, and combat vehicles account for most of this spending. DOD is also using some of the funding to expand production...

Professional Standards Update No. 92
Published: Apr 29, 2024
Publicly Released: Apr 29, 2024 

Ukraine:
Lessons from Other Conflicts Can Improve the Results of U.S. Recovery Assistance
GAO-24-107180
Published: Apr 29, 2024
Publicly Released: Apr 29, 2024 
Despite the ongoing war, the U.S. has begun to provide recovery assistance to Ukraine. Our prior work illustrates lessons to enhance effectiveness. For example, U.S. assistance strategies should define objectives and estimate costs. In Iraq, worsening security led to delays and increased project costs, emphasizing the need to revise timelines and cost estimates to reflect security changes As another example, establishing accountability mechanisms can increase...

NAVY READINESS
Actions Needed to Improve the Reliability and Management of Ship Crewing Data
GAO-24-105811
Published: Apr 29, 2024
Publicly Released: Apr 29, 2024
The Navy has historically assigned fewer crewmembers to ships than are required to operate them safely. Such crewing shortfalls contributed to fatal Navy surface ship collisions in 2017. The Navy uses data—called "fill" and "fit" metrics—to measure its crewing target levels and monitor personnel readiness. Fill metrics measure the number of personnel on a ship. Fit metrics measure the skills, experience, and specialties of personnel...

China:
Managing the Economic Relationship Requires Balancing Benefits and Risks
GAO-24-107189
Published: Apr 29, 2024
Publicly Released: Apr 29, 2024 
China is a major economic partner of the U.S. but engages in unfair trade practices. These practices include trade in illicit goods, use of forced labor, and theft of sensitive technologies—which can all harm the U.S. economy. As China's economic power grows, federal agencies can act to better protect the economy. This Snapshot report summarizes steps policymakers can take to further improve federal efforts to...

401(k) Retirement Plans:
Department of Labor Should Update Guidance on Target Date Funds
GAO-24-105364
Published: Mar 28, 2024
Publicly Released: Apr 29, 2024
Target date funds are a 401(k) option that allocate assets based on when participants plan to retire. These funds put more in higher risk investments when participants are younger and shift to lower risk investments as they approach retirement. We found that funds closer to the target date varied more in investment performance and risk compared to funds further from the target date. The Department...

IT Modernization:
Census Bureau Needs Reliable Cost and Schedule Estimates
GAO-24-105979
Published: Apr 29, 2024
Publicly Released: Apr 29, 2024 
While the 2030 Decennial Census is still years away, keeping the Census Bureau's IT systems modernized is critical to its mission. The Bureau has begun 4 modernization programs for systems that collect, process, and disseminate data, but hasn't fully implemented leading practices for managing requirements, cost, and schedule. Without reliable estimates, the Bureau increases its risk of cost overruns and unmet performance targets. The Bureau...

IFRS

February 2024 Trustees of the IFRS Foundation and Due Process Oversight Committee meeting summary now available
Meeting
2 May 2024

May 2024 Islamic Finance Consultative Group agenda and meeting papers now available
Meeting
2 May 2024

IFRS Foundation and EFRAG publish interoperability guidance
Announcement
2 May 2024

April 2024 monthly news summary
News Summary
1 May 2024

March 2024 Accounting Standards Advisory Forum meeting summary now available
Meeting
1 May 2024

Compilation of Agenda Decisions—Volume 10 published
Agenda Decision
1 May 2024

Registration opens for live webinars on IFRS 18
Webinar
1 May 2024

April 2024 IASB podcast now available
Podcast
30 April 2024

IASB to publish Exposure Draft Contracts for Renewable Electricity
Forthcoming Publication
30 April 2024

ISSB publishes its digital sustainability taxonomy, helping investors analyse sustainability disclosures efficiently
IFRS Taxonomy
30 April 2024

IRS

Treasury, IRS issue frequently asked questions regarding disaster relief related to retirement plans and IRAs
IR-2024-132, May 3, 2024 — The Internal Revenue Service today issued frequently asked questions (FAQs) in Fact Sheet 2024-19, relating to rules for distributions from retirement plans and IRAs and for retirement plan loans, for certain individuals impacted by federally declared major disasters.

IRS releases final guidance for certain clean vehicle credits under the Inflation Reduction Act
IR-2024-131, May 3, 2024 — The Internal Revenue Service issued final regulations today for the new and previously owned clean vehicle credits.

IRS releases Strategic Operating Plan update outlining future priorities; transformation momentum accelerating following long list of successes for taxpayers
IR-2024-130, May 2, 2024 — The Internal Revenue Service today released an update on the Strategic Operating Plan, a blueprint outlining future plans for the agency’s transformation work and highlighting dozens of improvements for taxpayers since passage of the Inflation Reduction Act.

IRS recommends safeguarding information in case of natural disasters
IR-2024-129, May 1, 2024 — The Internal Revenue Service reminds taxpayers that May kicks off the season of disaster preparation with National Wildfire Awareness Month and National Hurricane Preparedness Week, May 5-11.

National Small Business Week: IRS warns entrepreneurs to take precautions on data security; protect their businesses, employees, customers
IR-2024-128, May 1, 2024 — As National Small Business Week continues, the Internal Revenue Service urges entrepreneurs to put in place data security safeguards protecting their financial, personal and employee information from scams and cybercriminals hunting for easy targets.

Treasury, IRS issue additional guidance and safe harbors for taxpayers to comply with the requirements of the Sustainable Aviation Fuel Credit
IR-2024-127, April 30, 2024 — The Department of Treasury and the Internal Revenue Service today issued Notice 2024-37 for the new Sustainable Aviation Fuel (SAF) Credit created by the Inflation Reduction Act of 2022 (IRA).

IRS seeking applications for Tax Counseling for the Elderly and Volunteer Income Tax Assistance Program grants
IR-2024-126, April 30, 2024 — The Internal Revenue Service is accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grants, which allows eligible organizations to apply for annual funding to provide free federal tax return preparation assistance for up to three years.

NYS

Did You Receive a Letter from the Tax Department? Don’t Ignore It
May 2, 2024

PCAOB

PCAOB Announces Agenda for May 9 Meeting of Its Standards and Emerging Issues Advisory Group
May 3, 2024

Board Member Botic to Host Second 2024 PCAOB Forum for Auditors of Small Businesses and Broker-Dealers in Los Angeles, June 5
May 2, 2024

SEC

SEC Names Nathaniel H. Benjamin as Director of the Office of Minority and Women Inclusion
2024-52
Washington D.C., May 3, 2024 — The Securities and Exchange Commission today announced that Nathaniel H. Benjamin has been appointed the Director of the Office of Minority and Women Inclusion (OMWI). Mr. Benjamin will join OMWI from AmeriCorps, where he is the Chief Diversity and Inclusion Officer, on May 5, 2024. Allison Wise, OMWI’s Deputy Director, has served as Acting Director of the Office since October 2023.

SEC Charges Audit Firm BF Borgers and Its Owner with Massive Fraud Affecting More Than 1,500 SEC Filings
2024-51
Washington D.C., May 3, 2024 — The Securities and Exchange Commission today charged audit firm BF Borgers CPA PC and its owner, Benjamin F. Borgers (together, “Respondents”), with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards in its audits and reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023. The SEC also charged the Respondents with falsely representing to their clients that the firm’s work would comply with PCAOB standards; fabricating audit documentation to make it appear that the firm’s work did comply with PCAOB standards; and falsely stating in audit reports included in more than 500 public company SEC filings that the firm’s audits complied with PCAOB standards.

TIGTA

Actions Need to Be Taken to Ensure the Success of the Lifting Communities Up Initiative in Expanding Services and Assistance to Taxpayers in Underserved Populations
May 1, 2024

Interim Results of the 2024 Filing Season
April 30, 2024